Daily Archives: April 14, 2019

Articles 11 and 13 Ringing the Changes: What These Numbers Mean for Crypto in Europe

copyright, blockchain

Strasbourg’s latest copyright laws could change the face of the internet by 2021, but what do articles 11 and 13 have in store for the cryptocurrency space moving forward?

The two new copyright laws originated from the UK, where activists rebelled against the copyright status quo claiming that current freedoms were damaging not only the music industry, for years now a hot topic, particularly amongst performers themselves, but also other areas where artists’ work was largely up grabs, such as in publishing and media in general.

What do they mean?

The fight against internet giants such as Google and YouTube’s snatch and grab policy on other’s work, not to mention a few others, principally social media giants Facebook and Twitter, created the move towards tighter controls of media material. MEP’s took their stance and in September of 2018, the European Union Directive on Copyright in the Digital Single Market was born.

 Article 11

This is one concern for cryptocurrency aggregator services although the new article is not yet ratified as law. Dubbed rather inaccurately as the “link tax,” due to many perceiving that anyone using sections of an originators work will be paying for it, this has been adjusted since the original MEP’s vote on the new copyright directives. Hyperlinks will not be penalized under the current rules and nor will websites pay fees for using words from parts of sentences from other websites.

Article 13

Article 13 would force sites and online platforms to use automatic tracking technology to detect when users uploaded content to make sure they weren’t sharing copyrighted material, taking the responsibility from user to site/platform owner for adhering to copyright law, and adding cost in the process.

The big concern here for many is memes- virally-transmitted photographs that are embellished with text that make fun of a cultural symbol or social idea. They are everywhere, in fact, it is hard to envisage social media without them. The aims of article 13, were made in good faith due to its aim which was to encourage companies to take more control of the content on their sites-certainly an issue that both Facebook and Twitter struggle with on a daily basis.

But will it kill freedom of expression? Almost certainly, that is if the law actually operated in this way. It does not.  Article 13 clarifies that content shared “for purposes of quotation, criticism, review, caricature, parody, and pastiche,” including GIFS, will be excluded from the article.

Blockchain

The problem here is clear. Companies running censorship resistant blockchain networks could hit a wall when it comes to compliance once the new regulations are ratified and enforced in 2021. The decentralization of crypto networks is key to the industry and many in the space will be waiting to see just how resistant blockchains’ censor content is to article 13.

An indication of the problems ahead might be just how blockchain companies have dealt with the GDPR as it stood before the new amendments in September 2018. Under last year’s new legislation, consumers were now able to request that personal data held by a company be deleted or erased; an issue which drove some blockchain companies out of business.

Public blockchains which support cryptocurrencies like bitcoin and ether are open to all comers, and more significantly information stored cannot be altered or erased due to its decentralized nature. This could become a turning point of conflict as the new articles become law in 2021. Legislators could now examine what has become known as ‘privacy poisoning’ with article 13 behind them. ‘Poisoning’ is jargon for the act of loading private data, such as names, addresses, and credit card numbers, or any illegal material on to an otherwise quite healthy blockchain, thereby making the chain inoperable.

This could become an issue which hits article 13 head on and requires some serious tweaking from within the cryptocurrency space moving forward.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Articles 11 and 13 Ringing the Changes: What These Numbers Mean for Crypto in Europe appeared first on BitcoinNews.com.

The Top Performing Altcoins This Year so Far

The Top Performing Altcoins This Year So Fa

With the first quarter of 2019 gone, here is a look at the top performing altcoins so far this year, taking into consideration Bitcoin’s bullish strides in the last week or so:

Highest adoption rates: 1)EOS, 2)Tron, 3)BitShares, 4)WAX

Research from Weiss Crypto Rating shows these four altcoins have experienced the highest adoption rates in the last year, proving most sustainable throughout the predominantly bear market time period.

EOS transactions ranked top of the list, the volume increasing from 7,000 per day to about 4.6 million. Tron boasted an increase from around 3,000 to 1.9 million in this time, while BitShares boasted a gain totaling nearly 1.5 million. WAX, with the fourth largest transaction increase, claimed a total of 4.4 million.

Overall, the top 10 cryptocurrencies by transaction volume had an average daily volume increase of 245% within the last year. Weiss’s calculations were based on a seven-day moving average of daily figures.

Highest value increase since the Bitcoin pump

The cryptocurrency market has finally made a rebound thanks to Bitcoin’s bull run, hitting highs not experienced in over a year. Taking with it many of the altcoins, here are the top performers from the top 100 by market cap:

1) VestChain – 95.02%

If you have not heard of VestChain before, that is not surprising; it holds the 98th position on CoinMarketCap. However, since the most recent Bitcoin boom the project has been showing real potential, gaining a huge 95.02% in just the last few weeks

2) Bitcoin Cash – 89.66%

Unsurprisingly, Bitcoin’s recent performance has given investors renewed faith in Bitcoin Cash also, with the altcoin gaining 60% in the 24-hour market rally alone.

3) IOST – 66.19%

On top of the benefits brought from Bitcoin’s performance, IOST has been enjoying a pump triggered by the launch of its mainnet several weeks ago.

4) Dogecoin – 63.77%

After a non-eventful start to the year, Dogecoin has turned it around, climbing over 60% thanks to the bullish market. Tesla founder Elon Musk has also thrown his support behind the token, describing it as ”pretty cool” and probably his favorite cryptocurrency.

Altcoins separate from Bitcoin’s movements

Despite Bitcoin pulling up altcoin performance in the last few weeks, new research has shown that the prices are no longer as correlated as they once were. In 2018, 75 percent of the top 200 coins had a strong correlation with Bitcoin, something comparatively lower this year. This is a good thing for those with or looking to gain diversified portfolios as uncorrelated investments frequently cancel each other out.

This could affect the performance of altcoins throughout the year, with stronger projects likely to be able to make significant gains even if Bitcoin loses momentum.

The research notes, however, that correlations change with time so it is important to keep an eye on the ongoing market trends.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image: BitcoinNews.com

The post The Top Performing Altcoins This Year so Far appeared first on BitcoinNews.com.

Chinese Miners Struggle for Easy Ride in Iran

Things aren’t turning out to be smooth for Chinese Bitcoin miners heading into Iran to profit from cheaper electricity rates.

Long before China hinted it may consider halting Bitcoin mining projects, the exodus began and Iran recently became a hotspot for miners along with parts of South East Asia such as Vietnam and Cambodia. China’s National Development and Reform Commission (NDRC) is now looking to siphon off a number of industries which include cryptocurrency mining as part of a state cleanup.

The Iranian venture for many of those Chinese miners deciding to make the move has gone sour, and reports coming back from Iran highlight some of the issues which have made the Middle East less attractive than was at first perceived.

One issue has been getting the equipment across the Iranian border. One miner Liu Feng reported that the chance of losing equipment at the border has become common, with Iranian customs confiscating at least 40,000 crypto mining rigs to date. Some rigs can be sneaked through if presented as non-mining processors for those lucky enough to be able to strike up a deal with customs officials. Feng explains the reason for the confiscations:

“Because of [Iran’s] huge electricity subsidy, the government has added this energy-hungry device (bitcoin miner) to the list of 2,000 banned shipments to come in.”

The same mining enthusiast, Lui Feng also had problems pricing his electricity supply with a local supplier after his supply tariff was doubled just two months into operation. A subsequent set up resulted in angry locals complaining about the noise emitted from his rigs, resulting in miners being confiscated.

Despite these hurdles, Chinese Bitcoin miners are still optimistic that it can get better for them in Iran. With the Iranian government now accepting crypto mining as a legal activity, Iran’s President Hassan Rouhani is behind a new cloud computing industrial park. Also, there are rumors that Tehran may get behind the import of Bitcoin mining hardware.

Currently, the Islamic Revolutionary Guard Corps are still detaining or confiscating machines at border points with tough import rules still in place.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Chinese Miners Struggle for Easy Ride in Iran appeared first on BitcoinNews.com.

Brock Pierce Buys Converted Amsterdam Chapel for $1.2 Million in Bitcoin

Brock Pierce, former child actor, and cryptocurrency kingpin; one of the wealthiest people in the crypto space, has purchased a Dutch property worth USD 1.2 million in Bitcoin.

The American Bitcoin entrepreneur known for his work in the cryptocurrency industry has acquired his Amsterdam home, which was formerly a chapel, through Swiss startup Nexo which offers instant crypto credit.

Reportedly Pierce used roughly USD 3 million in collateral to secure a loan to fund the acquisition according to Antoni Trenchev, co-founder and managing partner at Nexo, who commented “He backed the entire loan for the house with Bitcoin. This was our first-ever crypto-backed mortgage.”

Trenchev pointed out that like many other crypto enthusiasts, Pierce wants to hold on to his Bitcoin, choosing a loan rather than paying with cash. However, the collateral cannot be accessed by Pierce or Nexo:

“So we take Bitcoin and other digital currencies as collateral using a third-party qualified custodian to store it and give them fiat cash for it. But neither the client nor us have access to the coins,” explained Trenchev.

The reason Pierce was asked to front a collateral deposit of USD 3 million for a much cheaper property was due to Nexo’s lending policy which requires clients to double the required funds as a guarantee, due to volatile nature of the current crypto market.

Pierce has been keeping a low profile recently. His most recent observations about cryptocurrency last month suggested that decentralized applications (Dapps) could be the major industry movers and shakers of 2019 along with the advance of security token offerings (STOs).

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Brock Pierce Buys Converted Amsterdam Chapel for $1.2 Million in Bitcoin appeared first on BitcoinNews.com.

Goldman Sachs Denies Plans for Crypto Trading Desk

Goldman Sachs Denies Plans for Crypto Trading Desk

David Solomon, the CEO of Goldman Sachs, has denied that the bank had ever made any plans for a cryptocurrency trading desk, claiming that earlier press coverage indicating otherwise had been incorrect in their reporting.

Solomon made these remarks at a hearing before the US House of Representatives Financial Services Committee this week. The Committee was holding a hearing for ‘Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis’.

Back in 2017, Bloomberg first broke the news about the bank’s supposed plans to open a unit focused on crypto trading in 2018, and by September, Business Insider was informed that the project was on hold and that a Bitcoin derivative was also being considered. Chief financial officer Martin Chavez would later dismiss these reports as “fake news”.

Solomon told the hearing that Goldman Sachs has engaged with clients involved in clearing physically-settled crypto futures, but flatly denied the plans for a crypto trading desk:

“The first [Bloomberg article] wasn’t correct. Like others, we are watching and […] doing work to try to understand the cryptocurrency market as it develops […] but we never had plans to open a cryptocurrency trading desk… We might at some point in time, but there’s no question, when you’re dealing with cryptocurrency, it’s a new area […] it is unclear from a regulatory perspective, it’s unclear whether […] in the long run, as a currency, those technologies are going to work and be viable.”

Ohio Republican Congressman Warren Davidson, who was questioning Solomon over the media reports, himself voiced his belief that the U.S. is lagging behind other countries and failing to “take advantage of this thriving sector [crypto]” due to regulatory uncertainty.

As Cointelegraph previously reported, other CEOs in attendance at the hearing included JPMorgan Chase CEO Jamie Dimon, who affirmed the value of blockchain technology but reiterated his belief that decentralized cryptocurrencies do not have any intrinsic value.

This week, a bill to exclude crypto from being classified as securities and foster more regulatory clarity was revised and reintroduced to Congress.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Goldman Sachs Denies Plans for Crypto Trading Desk appeared first on BitcoinNews.com.

VC Tim Draper Eyeballs Facebook Coin Project as Possible Investment

facebook coin

Tim Draper, Draper Associates venture capitalist and crypto pundit, is reported to be meeting with Facebook in order to determine if his company should invest in Facebook Coin – a stablecoin project being considered by the social media giant.

The idea behind Facebook Coin is to allow FB users to conduct transactions using a cryptocurrency pegged to the US dollar in tandem with WhatsApp.

Draper is certainly not shy when it comes to investments, and knows a good deal when he sees one, having invested in Telsa. Inc, Hotmail, and Skype before discovering Bitcoin in 2014 into which he invested USD 89.1 million. Since then he has become an outspoken advocate of the flagship cryptocurrency, talking up its price at every opportunity.

It’s thought that Facebook needs USD 1 Billion in venture capital to get its plans for the stablecoin project moving. The company taking more than a passing interest in the crypto space over past months hired PayPal president David Marcus to head its blockchain team. A cryptocurrency could be a massive boon to the company’s already well-heeled status claims Barclays’ analyst Ross Sandler:

“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders.”

Sandler sees a potential USD 19 billion being added to Facebook’s annual revenue. Draper’s role in such a project could be quite influential given his track record, and his predictions for Bitcoin, in particular, show great faith in the future of cryptocurrencies as a concept.

Draper who’s been consistent in his prediction that Bitcoin prices would hit USD 250,000 by 2022 has views on crypto’s future that would give Facebook, with all its engineering prowess, great heart. Talking of Bitcoin’s future, Draper maintains that crypto as a vital part of the financial system will become a reality, becoming bigger than the internet.

“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that.” He adds, “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post VC Tim Draper Eyeballs Facebook Coin Project as Possible Investment appeared first on BitcoinNews.com.

Binance, Morgan Creek Bosses Call for Bitcoin SV Boycott

Binance, Morgan Creek Bosses Call for Bitcoin SV Boycott

Morgan Creek Digital co-founder Anthony Pompliano has joined Binance CEO Changpeng Zhao in their condemnation of alternative crypto project Bitcoin SV (BSV). Pompliano has even called upon all exchanges to delist BSV on 1 May 2019 to protest their founders’ claims that BSV is the “real Bitcoin”.

Pompliano did so through a series of Tweets yesterday, asking all crypto users and exchanges to show their solidarity with Bitcoin as the “only Bitcoin that ever mattered”:

Every exchange should delist BSV simultaneously on May 1st in a sign of solidarity behind the only Bitcoin that ever mattered.

This community is the responsibility of the people. Sometimes we must do the hard thing, not because it is easy, but because it is right.#DelistBSV

— Pomp 🌪 (@APompliano) April 12, 2019

Zhao had also thrown his support behind the movement, posting on his own Twitter the same day:

Craig Wright is not Satoshi.

Anymore of this sh!t, we delist! https://t.co/hrnt3fDACq

— CZ Binance (@cz_binance) April 12, 2019

Craig Wright and Calvin Ayre, the figures behind BSV, have repeatedly insisted that their project, which forked from Bitcoin Cash (itself a fork of Bitcoin) follows the original principles of Bitcoin; hence the name “Satoshi’s Vision” in BSV.

Wright himself has caused much controversy in the past by claiming that he was himself Satoshi Nakamoto, a claim that has been thoroughly refuted.

In the eye of the storm is now deleted user Hodlonaut, who had referred to Wright and BSV as a fraud on several occasions, after gaining fame for creating the Lightning Torch Bitcoin transaction relay with Bitcoin’s Lightning Network. Things took a bad turn when Ayre offered a bounty of 70 BSV (currently under USD 5,000) to successful “doxing” (a process to reveal the identity of someone anonymous) of Hodlonaut.

Apparently, cryptocurrency supporters have joined hands to launch a legal fund for Holdonaut, in the event BSV pursues litigation. The fund has already reached almost 75% of its USD 20,000 goal at the time of writing.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Binance, Morgan Creek Bosses Call for Bitcoin SV Boycott appeared first on BitcoinNews.com.